| Mon 12 Sep 2005, 8:35 | | Results for the year ended 30 June 2005 |
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African Rainbow Minerals - Provisional Results for the year ended 30 June 2005
African Rainbow Minerals Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004580/06)
JSE Share code: ARI & LSE Share code: AGM
ISIN: ZAE000054045
(`ARM` or the `Company`)
Provisional Results for the year ended 30 June 2005
www.arm.co.za
SHAREHOLDER INFORMATION
Number of shares in issue 204 436 557
Market capitalisation R6,95 billion
Share price R34,00 as at 9 September 2005
Primary listing JSE - `ARI`
Number of employees 6 041
Number of shareholders 3 276
* Local 88%
* International 12%
HIGHLIGHTS
- Record revenues increasing by 41% to R5,5 billion
- Operating profit up from R528 million to R1,6 billion
- Headline earnings of R350 million, up from R47 million
- Excellent progress on existing projects
- Significant growth opportunities ahead
ARM is a niche diversified mining company with excellent long life, low
operating cost assets in key commodities. We own and operate our assets,
supported by an entrepreneurial and experienced management team.
COMMENTARY
The past year`s performance has benefited from the buoyant markets as is
reflected in the excellent results for the financial year ended 30 June 2005.
ARM has increased its revenue by 41% to R5,5 billion and operating profit from
operations by more than 200% to R1,6 billion. This resulted in a significant
increase in headline earnings from R47 million in the previous year to R350
million for the year under review. ARM significantly increased cash flows
generated from operating activities to R1,6 billion. The company`s highly
satisfactory results were built mainly on increased sales volumes, good cost
control and higher metal prices, especially for manganese, iron ore and nickel.
These results are especially pleasing while Rand strength continues.
During the past six months we also announced the introduction of a new partner
at Nkomati Nickel, the commissioning of the Two Rivers Platinum Project, and
succeeded in further reducing our existing cost base, all aligned with the
company`s growth strategy. Furthermore, we have been able to simplify the group
structure, and are in the process of further broadening ARM`s shareholder base.
Our strategy of doubling production in key commodities by 2010 is on track and
we are building six new mines and upgrading two existing operations in order to
achieve our aggressive organic growth targets, whilst retaining operating
efficiencies and global competitiveness.
In April of this year, Harmony announced that it had disposed of 14% of its
investment in ARM to the ARM Broad-Based Economic Empowerment Trust (`the
Trust`). The Trust has been established for the purpose of warehousing the
shares to further facilitate broad-based empowerment in ARM`s shareholder base.
ARM`s empowerment shareholding is now at 57%. We are in the process of
populating the Trust, a process that we expect to have substantially completed
by calendar year-end.
ARM`s investment in Harmony reduced from 20% to 16% during November 2004 when
Harmony increased its issued share capital. ARM equity accounted its Harmony
investment up to that date, whereafter Harmony is treated as an investment and
not as an associated company. For the year under review, on an equity accounted
basis, Harmony made a loss of R150 million. We are excited about the growth and
value opportunities that lie ahead for Harmony post the completion of its
restructuring process at its South African mines.
Operations Review
ARM Ferrous
The ARM Ferrous operations, which are held through its 50,4% investment in
Assmang Limited (`Assmang`), consist of three divisions, iron ore, manganese and
chrome.
Assmang reported an increase of 33% in its turnover for the year ended 30 June
2005 to R4,4 billion. Earnings increased by 335% to R949 million resulting in
increased headline earnings of R959 million, up 348% from the R214 million
reported for the comparative year.
The significant improvement in ARM Ferrous` results can mainly be attributed to
increases in US Dollar commodity prices across all of Assmang`s products,
particularly manganese alloys which peaked during the year. Increase in sales
volumes for manganese (from 1,4 to 1,8 million tons) and iron ore (from 5,5 to
5,8 million tons), together with the weakening of the Rand against the US Dollar
towards the latter part of the financial year, also impacted positively on the
years` results. In addition, cost of sales was contained through operational
efficiencies and effective unit cost control programmes.
As a result of Assmang`s improved results, a final dividend of R34,00 per share
(2004: R7,50 per share) has been declared by Assmang after year end, bringing
the total dividend received from Assmang for the 2005 calendar year to R93
million.
Earnings for Assmang
Continued strong world demand for iron ore resulted in a US Dollar price
increase of 71,5% for the period April 2005 to March 2006. Sales volumes of iron
ore for the year increased by 2,8% to 5 776 000 tons.
Global demand and improved availability of logistical capacity through the port
of Port Elizabeth resulted in manganese ore sales volumes increasing by 26%.
Strong demand, principally in China resulted in the benchmark price in Japan
increasing by 63%. However, Assmang anticipates that the manganese ore market
could come under pressure in the coming year due to potential oversupply.
ARM is continually working with Spoornet and The South African Port Operations
to increase both iron and manganese ore logistical capacity on railway lines and
at the harbours.
2005 2004
`000 `000
Assmang product sales volumes metric tons metric tons
Iron ore 5 776 5 460
Manganese ore (excluding deliveries to 1 811 1 438
the Cato Ridge alloy operation)
Manganese alloys 197 218
Charge chrome 262 295
Assmang continued with its capital expenditure programme and spent R699 million
(2004: R494 million) during the year. Of this, R203 million was spent on
completing the new shaft complex at the Nchwaning manganese mine, which has
commenced production and is fully operational, and thereby increasing total
capacity to 3,5 million tons per annum. A further R82 million was spent on the
construction of the Dwarsrivier underground mine, which is expected to be
completed by the end of calendar 2005 at a total capital cost of R222 million.
Assmang is completing a feasibility study for the establishment of a new iron
ore mine, adjacent to Sishen, on the Bruce, King and Mokaning properties.
Construction is expected to commence during the first half of calendar 2006,
pending Board consideration in November 2005.
ARM Platinum
ARM Platinum consists of 41,5% of Modikwa Platinum Mine, 50% of the Nkomati
Mine, 55% of the Two Rivers Platinum Project, and 100% of Kalplats Exploration.
Significant progress has been made at Modikwa, which remains in a build-up phase
to full production, targeted for the end of calendar year 2005. Modikwa has
reported cash operating profits of R21 million for the last four months of the
financial year. As the mine is in a commissioning phase, figures are compared to
the immediately preceding six months as opposed to the comparative period in the
previous year.
Modikwa - 100% basis
Six months ended
30 June 31 %
December
2005 2004 increase/
(tons) (tons) (decrease)
Tons milled million 1,32 1,14 16
tons
Head grade (4E) g/t 4,13 4,35 (5)
Platinum in oz 66 112 60 000 10
concentrate
Cash cost R/ton 346 373 (7)
Capex R million 50 54 (8)
After careful technical and financial evaluation the decision was made to change
the mining method from down dip mining with reef drives to breast mining with
footwall drives. The change will be effected over the next 18 months.
Nkomati
Nkomati treated a total of 346 000 tons (2004: 344 000 tons) of ore, producing
59 140 tons (2004: 56 800 tons) of concentrate at an average nickel grade in
concentrate of 9,36% (2004: 9,82%). The Nkomati Nickel mine has been
consistently operating above its maximum design capacity at an average 28 830
tons of run-of-mine ore per month and the objective is to maintain the overall
nickel grade while minimising costs. Nkomati continues to optimise the
exploitation of the various ore bodies and 21% of the total run-of-mine ore
comprised of ore mined from the Nkomati Expansion Project property (`MMZ`).
Excluding nickel, other metals contributed 25% (2004: 29%) of the mine`s total
revenue making Nkomati one of the lowest cost nickel producers in its sector.
However, cash cost after by-products increased by 31% to 149 c/lb, mainly as a
result of the increased MMZ component and the production of concentrate for the
Activox test work at Tati.
Nkomati`s revenue for the year increased by 5,1% to R642 million (2004: R611
million), despite the strengthening of the Rand, as a result of the stronger US
Dollar nickel price and record levels of nickel production during the year. Year
on-year unit cash operating costs increased from R260 million to R271 million or
4,2%, which is in line with inflation. Cost of sales increased by 4,2% to R299
million (2004: R287 million) as a result of increased production. The focus on
cost minimisation and efficiency during the year resulted in productivity
improvements - operating profit increased by 0,6% to R321 million (2004: R319
million). Profit before tax increased by 10,2% to R335 million (2004: R304
million). The current mine is expected to continue at present production levels
until the third quarter of 2007. Life of mine could be extended by an Interim
Phase, mining higher tons from the MMZ ore body, although at lower metal
production levels.
On 2 February 2005, ARM announced the formation of a 50:50 unincorporated joint
venture with LionOre Mining International Limited at its Nkomati nickel mine.
This transaction closed at the beginning of June 2005. Results reported
therefore comprise 100% of Nkomati for 11 months of the year and 50% of Nkomati
for June 2005. The partners are currently reviewing the feasibility study of
2002 further, confirming the viability of the Nkomati Expansion Project and
assessing pit optimisation, Activox plant design, PGM recovery processes and
financial reviews. The expansion project would increase production significantly
to about 16 500 tonnes of nickel per annum for an additional 16 years. Expansion
capital expenditure was estimated at US$310 million (using exchange rates at the
time of the 2002 feasibility study). The expansion study is currently being re-
scoped with the input of both partners and will be presented to the respective
boards during the next financial year.
Nkomati - 100% basis 2005 2004
Cash operating profit R million 349 346
Tons treated (`000) 346 344
Grade (% nickel) 2,01 2,02
On-mine cash cost tons treated (R/ton) 369 361
Market sales
Nickel tons 5 291 4 920
Copper tons 3 260 3 300
Cobalt tons 97 62
PGMs oz 39 370 39 000
Two Rivers
The 220 000 oz PGMs per year Two Rivers Platinum Project was officially released
for construction on 1 June 2005. Two Rivers is held 55% by ARM and 45% by
Implats. The company has contracted ARM to manage the project, while Implats
will undertake the processing and refining. Two Rivers` capital expenditure is
estimated to be R1,3 billion to commissioning. Project finance of R700 million
has been secured with the balance of the funding being contributed by the two
partners in their respective shareholding ratios.
The decision to proceed follows a successful trial mining phase to test all
critical project assumptions. The mining and stockpiling of nearly 300 000 tons
at 4,4 g/t, 6E of UG2 ore by year-end, as well as extensive access development
has substantively validated geological and mining feasibility parameters. A
platinum to palladium ratio of 5:3 significantly adds to the attractiveness of
this project.
The conveyor decline below the reef horizon has advanced 700 metres with the
access declines on reef having advanced 380 metres.
All major contractors are on the construction site and are committed to achieve
full milling capacity by December 2006, as planned.
Kalplats PGM Exploration Project
ARM and Platinum Australia Limited have signed an agreement as joint venture
partners to determine through further exploration and feasibility studies
whether the construction of a new PGM mine can be justified. Part of the
feasibility work will be the application of the Panton Process, a patented PGM
recovery process, to enhance the recovery of PGMs. Pre-feasibility level results
will be available during the next financial year.
ARM Exploration
ARM`s portfolio of quality exploration development assets in southern Africa
comprises mainly gold, copper/cobalt, zinc and nickel. The project maturity
scale ranges from early phase to advanced exploration stage properties.
The four projects that we regard as particularly promising and close to
production are the Otjikoto gold project in Namibia and the Konkola North copper
project in Zambia, both wholly owned by ARM; the Mwambishi Copper project, also
in Zambia and 70% owned by ARM; and the Kalumines copper/ cobalt project in the
DRC, 60% owned by ARM.
Our aim is to generate increased value from these assets, raise funds for
further exploration and ultimately move qualifying projects into the mine
development phase.
Safety and health
The Lost Day Injury Frequency Rate (LDIFR) for the year was 6,1 cases per
million man hours worked. Although this figure is marginally higher than the
2004 LDIFR of 4,2 cases per million man hours worked, this year`s rate includes
our joint venture operations - Modikwa and Two Rivers Platinum Mines - which did
not previously form part of our reporting.
We are particularly pleased to report that Black Rock achieved a million
fatality free shifts during the year.
Regrettably, five people lost their lives at our operations this year. Four of
the fatalities occurred at Modikwa and one fatality occurred at Nkomati. The
board, management and employees of ARM extend their condolences to the bereaved
families and friends.
Outlook
International demand for our products remains fairly buoyant and volumes are
expected to approximate those of the year under review. However, demand and
prices for Assmang`s ferromanganese and ferrochrome products could come under
pressure due to an oversupply in the international market. We expect the
majority of commodity prices to remain at similar or slightly stronger levels in
US Dollar terms for the remainder of calendar 2005, while the US Dollar/Rand
exchange rate is not expected to be materially different.
ARM will focus on organic growth through its new projects whilst continually
improving on efficiencies and costs at our existing operations. We will continue
to pursue attractive assets through mergers or acquisitions in South Africa and
expect exciting growth, mainly through ARM Exploration, in Africa.
Dividends
The company currently is involved in a high expansion phase with a significant
and exciting project pipeline as well as a number of other growth opportunities.
As a result the Board of Directors has decided to conserve resources and not to
declare a dividend for the year ended 30 June 2005.
Review by independent auditors
The financial information has been reviewed by Ernst & Young whose unqualified
review opinion is available for inspection at the company`s registered office.
The annual report containing a detailed review of the operations of the company
together with the audited financial statements will be posted to shareholders by
mid-October 2005.
Signed on behalf of the board
PT Motsepe AJ Wilkens
Executive Chairman Chief Executive Officer
Johannesburg
8 September 2005
BALANCE SHEETS
at 30 June 2005
Reviewed Audited
2005 2004
Rm Rm
ASSETS
Non-current assets
Tangible assets 5 025 4 674
Intangible assets 5 5
Deferred tax assets 68 7
Environmental rehabilitation trust funds 29 29
Investment in associates - 4 338
Other investments 3 708 3
8 835 9 056
Current assets
Inventories 1 144 914
Trade and other receivables 1 528 1 162
Cash and cash equivalents 259 328
2 931 2 404
Total assets 11 766 11 460
EQUITY AND LIABILITIES
Capital and reserves
Ordinary share capital 10 10
Share premium 3 497 3 495
Other reserves (783) (193)
Retained earnings 3 787 3 316
Shareholders` interest in capital and reserves 6 511 6 628
Minority interest 1 461 1 326
Total shareholders` interest 7 972 7 954
Non-current liabilities
Long-term borrowings 962 857
Deferred tax liabilities 814 853
Long-term provisions 190 151
1 966 1 861
Current liabilities
Trade and other payables 861 567
Provisions 51 41
Taxation 304 63
Overdrafts and short-term borrowings 612 974
1 828 1 645
Total equity and liabilities 11 766 11 460
INCOME STATEMENTS
for the year ended 30 June 2005
Reviewed Audited
2005 2004
Rm Rm
Revenue 5 485 3 885
Cost of sales (3 743) (3 064)
Gross profit 1 742 821
Other operating income 273 73
Other operating expenses (408) (343)
Retrenchment costs (8) (23)
Profit from operations 1 599 528
Income from investments 22 26
Finance costs (172) (80)
Loss from associate (150) (120)
Profit before taxation and exceptional items 1 299 354
Exceptional items 155 1 148
- Profit on disposal of discontinued operations - 1 057
- Other exceptional items 155 91
Profit before taxation 1 454 1 502
Taxation (530) (291)
Profit after taxation 924 1 211
Minority interest (451) (103)
Basic earnings 473 1 108
Additional information
Headline earnings 350 47
Headline earnings per share (cents) 171 37
Basic earnings per share (cents) 231 865
Fully diluted earnings per share (cents) 231 860
Fully diluted headline earnings per share (cents) 171 36
Number of shares in issue at end of year 204 437 204 208
(thousands)
Weighted average number of shares in issue 204 370 128 115
(thousands)
Weighted average number of shares used in 204 794 128 876
calculating fully diluted earnings per share
(thousands)
Net asset value per share (cents) 3 185 3 246
STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2005
Share Revaluation
capital and of land and
premium buildings
Group Rm Rm
Balance at 30 June 2003 85 6
Basic earnings - -
Investment sold - -
Revaluation of listed investments - -
Share options exercised 54 -
Shares issued for acquisitions 3 366 -
Share of associate`s other reserves - -
Other - -
Balance at 30 June 2004 3 505 6
Basic earnings - -
Revaluation of listed investments - -
Share options exercised 2 -
Deferred tax on revaluation of listed investment - -
Reversal of associate`s other reserves - -
Other - (6)
Balance at 30 June 2005 3 507 -
Retained
Other earnings Total
Group Rm Rm Rm
Balance at 30 June 2003 212 2 208 2 511
Basic earnings - 1 108 1 108
Investment sold (133) - (133)
Revaluation of listed investments (45) - (45)
Share options exercised - - 54
Shares issued for acquisitions - - 3 366
Share of associate`s other reserves (235) - (235)
Other 2 - 2
Balance at 30 June 2004 (199) 3 316 6 628
Basic earnings - 473 473
Revaluation of listed investments (961) - (961)
Share options exercised - - 2
Deferred tax on revaluation of listed 140 - 140
investment
Reversal of associate`s other reserves 235 - 235
Other 2 (2) (6)
Balance at 30 June 2005 (783) 3 787 6 511
Basis of preparation and accounting policies
The financial information for the year ended 30 June 2005 has been prepared
adopting the same accounting policies used in the most recent annual financial
statements which are in accordance with South African Statements of Generally
Accepted Accounting Practice and International Financial Reporting Standards.
The accounting policies are consistent with the year ended 30 June 2004. These
condensed financial statements are prepared on the historical cost basis except
as otherwise indicated in the accounting policies.
CASH FLOW STATEMENTS
for the year ended 30 June 2005
Reviewed Audited
2005 2004
Rm Rm
CASH FLOW FROM OPERATING ACTIVITIES
Cash receipts from customers 5 297 3 838
Cash paid to suppliers and employees (3 667) (3 235)
Cash generated from operations 1 630 603
Interest received 22 24
Interest paid (183) (70)
Dividends received 19 1
Dividends paid to minorities (45) (13)
Taxation paid (168) (70)
Net cash inflow from operating activities 1 275 475
CASH FLOW FROM INVESTING ACTIVITIES
Additions to fixed assets to maintain (705) (472)
operations
Additions to fixed assets to expand operations (297) (101)
Net cash effects of acquisitions - (32)
Proceeds on disposal of fixed assets 39 7
Proceeds on disposal of investments 24 167
Net cash effects of disposal of 50 per cent of 136 -
Nkomati
Investments acquired 8 -
Purchase of remaining portion in Nkomati - (260)
Net cash outflow from investing activities (795) (691)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds on exercise of share options 2 54
Funding received from minority shareholders - 42
Long-term borrowings raised 110 280
Long-term borrowings repaid (215) (127)
Increase/(decrease) in short-term borrowings (446) 31
Net cash inflow/(outflow) from financing (549) 280
activities
Net increase/(decrease) in cash and cash (69) 64
equivalents
Cash and cash equivalents at beginning of year 328 264
Cash and cash equivalents at end of year 259 328
Cash generated from operations per share 798 471
(cents)
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2005
Reviewed Audited
2005 2004
Rm Rm
EXCEPTIONAL ITEMS
Profit on disposal of Avgold 265 1 075
Loss on disposal of Chambishi - (18)
Impairment on immovable property (35) (44)
Surplus on disposal of Assore shares - 135
Loss on disposal of 50% in Nkomati (82) -
Other 7 -
Exceptional items per income statement 155 1 148
Taxation (41) (106)
Minority interest 5 (3)
Profit on sale of fixed assets - 5
Profit on sale of fixed assets in associate 4 9
Profit on dilution in associate - 8
Net exceptional items 123 1 061
HEADLINE EARNINGS
Earnings per income statement 473 1 108
- Loss on sale of Chambishi - 18
- Profit on sale of Avgold (265) (1 075)
- Surplus on disposal of investments and (4) (135)
mineral rights
- Impairment of mineral rights and land and 35 44
buildings
- Loss/(profit) on dilution of associate 2 (8)
- Loss/(profit) on sale of fixed assets 10 (5)
- Loss on disposal of 50% in Nkomati 82 -
- Other (19) (9)
314 (62)
- Taxation 41 106
- Minority interest (5) 3
Headline earnings 350 47
SEGMENTAL INFORMATION
for the year ended 30 June 2005
Gold Platinum Nickel
Rm Rm Rm
Year to 30 June 2005
Revenue
External revenue - 456 623
Cost of sales - (532) (295)
Other operating income per income - - 46
statement
Insurance premiums written non Group - - -
companies
Other operating income - - 46
Other operating expenses per income - (7) (63)
statement
Re-insurance premiums non-Group companies - - -
Exploration - - -
Other operating expenses - (7) (63)
Segment result - (83) 311
Income from investments - 2 2
Finance cost - (104) -
Loss from associate (150) - -
Exceptional items (2) - -
Taxation - 66 (94)
Minority interest - 20 -
Contribution to basic earnings (152) (99) 219
Contribution to headline earnings (155) (99) 219
Other information
Segment assets 3 706 2 295 269
Taxation - - -
Consolidated total assets 3 706 2 295 269
Segment liabilities - 1 138 17
Unallocated liabilities
Consolidated total liabilities
Capital expenditure - 280 20
Amortisation and depreciation - 85 54
Corporate
and
Ferrous other
metals companies Total
Rm Rm Rm
Year to 30 June 2005
Revenue
External revenue 4 406 - 5 485
Cost of sales (2 916) - (3 743)
Other operating income per income 166 61 273
statement
Insurance premiums written non Group - 55 55
companies
Other operating income 166 6 218
Other operating expenses per income (193) (153) (416)
statement
Re-insurance premiums non-Group companies - (59) (59)
Exploration - (25) (25)
Other operating expenses (193) (69) (332)
Segment result 1 463 (92) 1 599
Income from investments 2 16 22
Finance cost (41) (27) (172)
Loss from associate - - (150)
Exceptional items (10) 167 155
Taxation (465) (37) (530)
Minority interest (471) - (451)
Contribution to basic earnings 478 27 473
Contribution to headline earnings 480 (95) 350
Other information
Segment assets 5 069 359 11 698
Taxation - 68 68
Consolidated total assets 5 069 427 11 766
Segment liabilities 790 731 2 676
Unallocated liabilities 1 118
Consolidated total liabilities 3 794
Capital expenditure 699 38 1 037
Amortisation and depreciation 285 2 426
Gold Platinum Nickel
Rm Rm Rm
Primary segmental information
Year to 30 June 2004
Revenue
External revenue - 57 524
Cost of sales - (71) (252)
Other operating income - - 42
Other operating expenses per income - (1) (78)
statement
Exploration - - -
Other operating expenses - (1) (73)
Reallocated corporate expenditure - - (5)
Segment result - (15) 236
Income from investments - - 2
Finance cost - (16) -
Loss from associate (120) - -
Exceptional items - (35) -
Taxation - (1) (77)
Minority interest - 6 -
Contribution to basic earnings (120) (61) 161
Contribution to headline earnings (137) (26) 161
Other information
Consolidated total assets 4 338 2 024 452
Consolidated total liabilities - 935 206
Capital expenditure - 92 9
Amortisation and depreciation - 9 38
Corporate
and
Ferrous other
metals companies Total
Rm Rm Rm
Primary segmental information
Year to 30 June 2004
Revenue
External revenue 3 304 - 3 885
Cost of sales (2 741) - (3 064)
Other operating income 22 9 73
Other operating expenses per income (123) (164) (366)
statement
Exploration - (32) (32)
Other operating expenses (194) (66) (334)
Reallocated corporate expenditure 71 (66) -
Segment result 462 (155) 528
Income from investments 2 22 26
Finance cost (52) (12) (80)
Loss from associate - - (120)
Exceptional items - 1 183 1 148
Taxation (124) (89) (291)
Minority interest (109) - (103)
Contribution to basic earnings 179 949 1 108
Contribution to headline earnings 177 (128) 47
Other information
Consolidated total assets 4 227 419 11 460
Consolidated total liabilities 1 746 619 3 506
Capital expenditure 493 15 609
Amortisation and depreciation 168 2 217
COMMITMENTS AND CONTINGENT LIABILITIES
Commitments in respect of future capital expenditure, which will be funded from
cash generated and available borrowing resources are summarised below:
Year ended Year ended
June 2005 June 2004
Rm Rm
Capital commitments
- contracted for 251 115
- not contracted for 272 330
Total commitments 523 445
Contingent liabilities
Shareholders are advised that there have been no significant changes to the
contingent liabilities of the Group as disclosed in the June 2004 annual report.
ADMINISTRATION
African Rainbow Minerals Limited
Incorporated in the Republic of South Africa
Registration number 1933/004580/06
ISIN: ZAE000054045
Registered and Corporate Office
ARM House, 29 Impala Road, Chislehurston, Sandton 2146
PO Box 786136, Sandton, 2146
Telephone:+27 11 779 1300
Telefax: +27 11 779 1312
E-mail: ir.admin@arm.co.za
Website: http://www.arm.co.za
United Kingdom Secretaries
St James`s Corporate Services Limited
6 St James`s Place, London SW1A 1NP
Share Registrars
South Africa
Computershare Investor Services 2004 (Pty) Limited
Ground Floor, 70 Marshall Street, Johannesburg 2001
PO Box 61051, Marshalltown, 2107
United Kingdom
Capita Registrars, The Registry
34 Beckenham Road, Beckenham
Kent BR34TU
Directors:
PT Motsepe (Executive Chairman), RP Menell (Deputy Chairman)*, AJ Wilkens (Chief
Executive Officer), F Abbott, Dr MMM Bakane-Tuoane**, JA Chissano
(Mozambican)**, WM Gule, MW King**, AK Maditsi**, PJ Manda**, JR McAlpine**, Dr
PS Sibisi**, Dr RV Simelane**, MV Sisulu**, JC Steenkamp, ZB Swanepoel* (*Non-
executive **Independent non-executive)
Disclaimer
Forward looking statements
Certain statements in this presentation constitute `forward looking statements`
within the meaning of section 27A of the US Securities Act of 1933 and section
21E of the US Securities Exchange Act of 1934.
Such forward looking statements involve known and unknown risks, uncertainties
and other important factors that could cause the actual results, performance or
achievements of the company to be materially different from the future results,
performance or achievements expressed or implied by such forward looking
statements. Such risks, uncertainties and other important factors include among
others: economic, business and political conditions in South Africa; decreases
in the market price of commodities; hazards associated with underground and
surface mining; labour disruptions; changes in government regulations,
particularly environmental regulations; changes in exchange rates; currency
devaluations; inflation and other macro-economic factors; and the impact of the
Aids crisis in South Africa. These forward looking statements speak only as of
the date of publication of these pages.
The company undertakes no obligation to update publicly or release any revisions
to these forward looking statements to reflect events or circumstances after the
date of publication of these pages or to reflect the occurrence of unanticipated
events.
Date: 12/09/2005 08:00:57 AM S
Produced by the JSE SENS Department
